Accounting Principles The general rules and concepts that govern the Accounting filed are referred to as the Principles of Accounting. The Financial Accounting Standards Board (FASB) using the groundwork of principles and guidelines has formulated these rules. They lay the foundation for sound and ethical accounting practices. The GAAP (Generally accepted accounting principles or "GAAP") consists of three important sets of rules: • The underlying accounting principles • The rules and standards
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Accounting Irregularity Analysis Issue: Zale Corporation is a jewelry retailer with headquarters in Irving‚ Texas. Zale’s common stock is registered with the United States Securities and Exchange Commission and trades on the New York Stock Exchange under the symbol “ZLC”. Zale misstated financial reports for the fiscal years ended July 31‚ 2004 through 2008‚ and for fiscal quarters ended October 31‚ 2008‚ January 31‚ 2009 and April 30‚ 2009. The misstatement resulted from recording television advertising
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Even though there was a lot of good advice to be taken out of watching the videos‚ two topics really stood out from the rest; diagnosing and assessing‚ and self-care. As counselors we are privileged to diagnose and assess our clients and it is vitally important to diagnose correctly because that diagnosis may follow the client for the rest of his/her life. Diagnoses must be done with great sensitivity and care. We must also be competent in diagnosing a client and never assume because we are dealing
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“Basic accounting and reporting issues related to recognition and measurement of receivables‚ allowance accounts‚ recording discounts‚ the allowance method to account for bad debt and factoring are basically the same between IFRS and GAAP. However‚ the FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) are taking steps by working to implement fair value measurement‚ the amount they currently could be sold for‚ for financial instruments. “The FASB and IASB
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Chapter 4 : Account Titles and Preparation of Financial Statements | Article 14 : The balance sheet items shallbe categorized as follows: 1. Assets. (1) Current assets. (2) Funds and long-term investments. (3) Property‚ plant and equipment. (4) Depletable assets. (5) Intangible assets.
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The Introductory‚ the Financial and the Statistical Sections (table of contents) 2) Review the Introductory Section of the CAFR a) Was the entity’s annual report of the previous year awarded a “certificate of achievement for excellence in financial reporting” by the Government Finance Officers Association? What is the significance of this award? Yes‚ it is significant because it is the highest form of recognition in the area of governmental accounting and financial reporting‚ and its attainment
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UNIVERSITY OF NAIROBI SCHOOL OF BUSINESS MASTER OF BUSINESS ADMINISTRATION ADVANCED FINANCIAL ACCOUNTING DAC 601 TOPIC: ACCOUNTING FOR LEASES PRESENTED BY: Mbogo Stella Mumbi……………...……...…………….D61/60246/2013 Albert Kalute Maingi……………...……...…………….D61/62221/2013 PRESENTED TO: DR. KAMASARA TABLE OF CONTENTS: 1.0: INTRODUCTION……………………………………………………………………….. 3 1.1: Leasing………………………………………………………………………………….. 3 1.2: Definition of Terms……………………………………………………………………
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1. In the accounting cycle‚ the last step is Student Response Feedback A. preparing the financial statements B. journalizing and posting the adjusting entries C. preparing a post-closing trial balance D. journalizing and posting the closing entries Score: 1/1 2. During the end-of-period processing which of the following best describes the logical order of this process Student Response Feedback A. Preparation of adjustments‚ adjusted trial
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BAO3309 Advanced Financial Accounting Semester 2011 Non-Graded Assessment There are 1 Multiple Choice Questions and you have 13 minutes to complete this assessment 1) Which of the following is true about theories in general? A. Theories can include any coherent set of ideas or statements to explain‚ or provide guidance in respect of‚ certain phenomena B. Theories must be empirically based to describe what is‚ rather than what should be C. Theories must be based on
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7101AFE Financial Accounting Theory and Practice Tutorial Questions for Tutorials 1- 6: Semester 1 2015 TUTORIAL 1 - Semester 1 2015 Deegan Topic 1: Introduction to financial accounting theory QUESTION 1 – Question 1.2: If you developed a theory to explain how a person’s cultural background influences how they prepare financial statements‚ would you have developed a positive theory or a normative theory? The first of all‚ it is important to understand the mean by a ‘theory’. According to Contemporary
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